So, you don’t have any debt (except maybe a home loan) and you want to start building wealth. A few weekends ago, I was teaching at a seminar and the audience was shocked by something I said. I told them, “there’s no secret way to get rich quick. There are really only three giants of passive income to build wealth, and I’m going to give them to you here.”
Most people think building wealth is hard, and it does require effort. However, it can also be simple because there are three giants of investing which are the best ways for anyone to build wealth.
Three Giants of Passive InCome
1. Business
As a serial entrepreneur, I’ve owned many businesses over the years – a real estate management company, national hair cutting franchises, and several non-profits to name a few. Starting a business can be scary. There are so many plates to balance, and it all hangs on you at the beginning! But starting a business can also be one of the most worthwhile endeavors you’ll ever take on.
The richest of the rich are business owners. You can either build wealth from your business because of the revenue you are taking in, or you can sell it. Again, I’ve done both and you can definitely reach second x income either way!
2. Real Estate
Real estate investing is my favorite form of investing. I have talked about it a lot, but basically, everyone needs a place to live everywhere in the world! People tend to be scared of investing in real estate because you can lose big time. However, if you gain the knowledge, wisdom, and understanding about real estate before you begin, you can ensure your cash flow is safe.
You make money in real estate mainly by buying and holding. This means that you buy a property and collect the income from rent. You can also fix and flip houses, or go into wholesaling. There are so many options for making money when it comes to real estate, which is why I like it!
3. Stocks/Bonds
There is something innately scary about the stock market. The options can seem infinite, and the risk appears steep. The technology alone takes a while to learn. Stocks and bonds are more of a way to hold your wealth and increase it incrementally over time. You can get dividend-paying stocks that will give you a source of income, but for the most part, it is an investment in your future.
I recommend that you learn something about two of these options and invest in them. Personally, I use all three investment techniques! Which of these three options do you use?
